Start-up boom as businesses launched in Northern Ireland near triple year-on-year

Almost three times as many start-ups were launched in Northern Ireland in January 2024 than in January 2023, according to new research from R3, the UK’s insolvency and restructuring trade body.

R3’s analysis of data provided by Creditsafe shows 2,077 firms were set-up in Northern Ireland in January – a rise of 195.4% from January 2023’s total of 703.

Start-up figures also rose 33% in January compared to December 2023’s total of 1,562, and rose to the highest total since records began in December 2021.

Ian Leonard, chair of R3 in Northern Ireland, says: “This is the first time we have seen monthly start-up numbers in Northern Ireland surpass the 2,000 mark since our records began. This is a testament to Northern Ireland’s appeal as a business hub, attracting both local and international entrepreneurs.”

Northern Ireland saw the largest yearly increase in start-up numbers across the UK regions and nations, followed by Wales (26.3% rise), East Anglia (26.1% rise) and the West Midlands (24.6% rise).

Ian, who is a director at Interpath Advisory, continues: “While all the UK's regions and nations saw a yearly rise in start-up numbers in January, Northern Ireland is leading the way.

“Despite being the smallest nation in the UK, neither the challenges from the pandemic nor the complexities of Brexit have hindered investment or growth, and with a unique link to both Great Britain and the EU markets, Northern Ireland offers an advantage to entrepreneurs looking to access two of the world’s largest markets.

“If you couple this with the significant investment seen in the country in recent years in establishing a number of technology parks and innovation districts, we have seen Northern Ireland’s entrepreneurs flourish over the past year.

“That being said, it’s important to note that the first few years of a business’s life are always the most challenging and directors should be alert to the first signs of business distress, such as cash flow problems, rising stock levels and problems paying bills on time.

“For any business owners, whether new or established, that are facing financial concerns, my message is simple: seek help from a qualified source as early as you can.

“It's natural to feel anxious when dealing with money worries, but reaching out for help to address the issue will ultimately be a weight lifted and will afford you more time and more options for handling your concerns than if you’d waited for them to get worse.”